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HomeMy WebLinkAbout2006CITY OF CHUBBUCK AUDITED FINANCIAL STATEMENTS FOR THE FISCAL YEARS ENDED SEPTEMBER 30, 2006 AND 2005 DEATON & COMPANY, CHARTERED CITY OF CHUBBUCK, IDAHO ANNUAL FINANCIAL REPORT SEPTEMBER 30, 2006 AND 2005 TABLE OF CONTENTS Page Title Page 1 Table of Contents 2 Auditor's Reports Independent Auditor's Report 3 Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditinq Standards 4 Financial Statements Statements of Net Assets 5 Statements of Activities 6 Balance Sheets - Governmental Funds 7 Statements of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds g - 9 Statements of Net Assets - Proprietary Funds 10 Statements of Revenues, Expenses, and Changes in Net Assets - Proprietary Funds 41 Statements of Cash Flows - Proprietary Funds 12 Notes to Financial Statements 13-22 Required Supplementary Information 23 Budgetary Comparison Schedule - General Fund 24 Budgetary Comparison Schedule - Development Fund 25 Notes to Required Supplementary Information Other Supplementary Information 26 Combining Balance Sheet - Nonmajor Governmental Funds 27 Statement of Revenues, Expenditures, and Changes in Fund Balances - Nonmajor Governmental Funds 28 Budgetary Comparison Schedule - Nonmajor Governmental Funds 29 DEATON & COMPANY, CHARTERED Deaton & Company, Chartered Certified Public Accountants 21.5 North 9th, Suite A Pocatello, ID 83201-5278 (208)232-5825 Members or Idaho Society of Ccl I I I rod Public Accountants Mcmheis of Amcricnn intiiiuitc of C.=Glicd Public Accnumnnrc INDEPENDENT AUDITOR'S REPORT To the City Council City of Chubbuck, Idaho IJ rpm ! ELrAk it �u Vf No Ilk 2L 11L t N AIL 0M We have audited the accompanying financial statements of the governmental activities, the business -type activities, each major fund, and the aggregate remaining fund information of City of Chubbuck as of and for the years ended September 30, 2006 and 2005, which collectively comprise the City's basic financial statements as listed in the table of contents. These financial statements are the responsibility of City of Chubbuck's management. Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement_ An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business -type activities, each major fund, and the aggregate remaining fund information of the City of Chubbuck as of September 30, 2006 and 2005, and the respective changes in financial position and cash flows, where applicable, thereof for the years then ended in conformity with accounting principles generally accepted in the United States of America. In accordance with Government Auditing Standards, we have also issued our report dated May 21, 2007, on our consideration of the City's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grants. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be read in conjunction with this report in considering the results of our audit. The required supplementary information is not a required part of the basic financial statements but is supplementary information required by accounting principles generally accepted in the United States of America. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the required supplementary information. However, we did not audit the information and express no opinion on it. Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City of Chubbuck's basic financial statements. The combining and individual nonmajor fund financial statements are presented for purposes of additional analysis and are not a required part of the basic financial statements. The combining and individual nonmajor fund financial statements have been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole_ The City has not presented the required Management's discussion and analysis that accounting principles generally accepted in the United States has determined is necessary to supplement, although not required to be part of, the basic financial statements. t Pocatello, fdah May 21, 2007 Deaton & Company, Chartered Certified Public Accountants - 215 North 9th, Suite A Pocatello, ID 83201-5278 (208) 232-5825 Members of Idaho Society of Certified Public Accountants Members of American Institute of Certified Public Accountants REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS To the City Council City of Chubbuck, Idaho We have audited the financial statements of the governmental activities, the business -type activities, each major fund, and the aggregate remaining fund information of City of Chubbuck as of and for the years ended September 30, 2006 and 2005, which collectively comprise the City of Chubbuck's basic financial statements and have issued our report thereon dated May 21, 2007. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Internal Control Over Financial Reoortin In planning and performing our audit, we considered City of Chubbuck's internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinions on the financial statements and not to provide an opinion on the internal control over financial reporting. Our consideration of the internal control over financial reporting would not necessarily disclose all matters in the internal control that might be material weaknesses. A material weakness is a reportable condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements caused by error or fraud in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control over financial reporting and its operation that we consider to be material weaknesses. Compliance and Other Matters As part of obtaining reasonable assurance about whether City of Chubbuck's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. This report is intended for the information and use of management, City Council, and federal awarding agencies. However, this report is a matter of public record and its distribution is not limited. Pocatello, 1 ho May 21, 2007 5 See accompanying notes to financial statements DEATON & COMPANY, CHARTERED CITY OF CHUBBUCK, IDAHO STATEMENTS OF NET ASSETS SEPTEMBER 30, 2006 WITH COMPARATIVE TOTALS AT SEPTEMBER 30, 2005 Governmental Business -type Activities Activities 2006 2005 ASSETS Current assets Cash $ 1,190,462 $ 685,891 $ 1,876,353 $ 732,651 Investments 224,956 - 224,956 1,237,108 Property taxes receivable 210,636 - 210,636 199,994 Intergovernmental receivables 184,306 - 184,306 176,160 Other accounts receivable 10,090 683,553 693,643 495,239 1,820,450 1,369,444 3,189,894 2,841,152 Noncurrent assets Restricted assets Employee benefit fund 261,073 - 261,073 165,382 Bond reserves - 932,323 932,323 874,365 Water deposits - 140,346 140,346 130,973 Note receivable - General fund - 405,717 405,717 461,949 Capital assets 6,895,132 7,834,293 14,729,425 14,469,667 Accumulated depreciation (4,049,346) (3,722,958) (7,772,304) (7,386,756) 3,106,859 5,589,721 8,696,580 8,715,580 4,927,309 6,959,165 11,886,474 11,556,732 LIABILITIES Current liabilities Accounts payable 99,615 154,010 253,625 166,843 Accrued compensated absences 25,436 11,970 37,406 29,394 Current portion of bonds payable - 170,000 170,000 160,000 Accrued bond interest - 28,754 28,754 33,674 Current portion of long-term debt 46,195 13,260 59,455 95,784 Capital lease obligation 75,071 - 75,071 84,948 Payable from restricted assets - Employee benefit fund 261,073 - 261,073 165,382 Water deposits - 140,346 140,346 130,971 507,390 518,340 1,025,730 866,996 Noncurrent liabilities Bonds payable - 755,000 755,000 925,000 Note payable - Proprietary fund 359,522 - 359,522 415,754 Construction line of credit - 340,899 340,899 354,159 Capital lease obligation 98,927 - 98,927 113,147 Accrued compensated absences 228,930 107,732 336,662 287,591 687,379 1,203,631 1,891,010 2,095,651 1,194,769 1,721,971 2,916,740 2,962,647 NET ASSETS Invested in capital assets, net of related debt 2,312,266 2,832,176 5,144,442 5,334,473 Restricted for bond service - 932,323 932,323 874,365 Unrestricted 1,420,274 1,472,695 2,892,969 2,385,247 $ 3,732,540 $ 5,237,194 $ 8,969,734 $ 8,594,085 5 See accompanying notes to financial statements DEATON & COMPANY, CHARTERED CITY OF CHUBBUCK, IDAHO STATEMENTS OF ACTIVITIES YEAR ENDED SEPTEMBER 30, 2006 WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 2005 C See accompanying notes to financial statements DEATON & COMPANY, CHARTERED D Program Revenues 2006 2005 Capital Net Net Charges for Grants and (Expense) (Expense) Expenses Services Contributions Revenue Revenue EXPENDITURES General government $ 179,445 $ 327,621 $ - $ 148,176 $ (128,040) Law enforcement 2,148,010 5,185 17,045 (2,125,780) (1,928,293) Fire control 872,176 138,651 231,325 (502,200) (565,639) Building inspection 138,923 - - (138,923) 178,331 Street 777,895 - (777,895) (704,148) Parks and recreation 644,271 45,490 7,495 (591,286) (464,995) Health and welfare 11,585 - - (11,585) (23,098) Development fund 1,173,552 - - (1,173,552) (1,440,319) Other special revenue funds 97,044 - 98,028 984 (66) 6,042,901 516,947 353,893 (5,172,061) (5,076,267) Business -type activities Utilities 3,838,000 3,882,168 - 44,168 (324,120) $ 9,880,901 $ 4,399,115 $ 353,893 $ (5,127,893) $ (5,400,387) CHANGES IN NET ASSETS General Business -type Activities Activities 2006 2005 Net (expense)/revenue $ (5,172,061) $ 44,168 $ (5,127,893) $ (5,400,387) General revenues General property taxes and sales tax 4,452,942 - 4,452,942 4,016,357 Franchise fees 173,551 - 173,551 154,208 Intergovernmental 605,362 - 605,362 595,217 Leases and rents 28,179 - 28,179 22,828 Interest income 57,436 74,276 131,712 83,745 Sale of assets 7,715 - 7,715 - Other revenue 104,081 - 104,081 109,288 5,429,266 74,276 5,503,542 4,981,643 NET CHANGE IN NET ASSETS 257,205 118,444 375,649 (418,744) BEGINNING NET ASSETS 3,475,335 5,118,750 8,594,085 9,012,829 ENDING NET ASSETS $ 3,732,540 $ 5,237,194 $ 8,969,734 $ 8,594,085 C See accompanying notes to financial statements DEATON & COMPANY, CHARTERED D CITY OF CHUBBUCK, IDAHO BALANCE SHEETS GOVERNMENTAL FUNDS SEPTEMBER 30, 2006 WITH COMPARATIVE TOTALS AT SEPTEMBER 30, 2005 General Fund ASSETS Other Development Governmental Fund Mimic 2006 2005 Cash $ 85,964 $ 533,155 $ 571,343 $ 1,190,462 $ 451,205 Investments 154,646 - 70,310 224,956 761,877 Accounts receivable 10,090 - - 10,090 - Property and sales taxes receivable 179,487 31,149 - 210,636 199,994 Intergovernmental receivables 184,306 - - 184,306 176,160 Restricted assets - cash 261,073 - - 261,073 165,382 329,929 $ 875,566 $ 564,304 $ 641,653 $2,081,523 $ 1,754,618 LIABILITIES Accounts payable $ 99,615 $ - $ - $ 99,615 $ 62,581 Employee benefit fund 261,073 - - 261,073 165,382 Accrued compensated absences 25,436 - - 25,436 19,250 Deferred revenue 60,317 28,446 - 88,763 82,716 446,441 28,446 - 474,887 329,929 FUND BALANCES Unreserved, reported in: General fund 429,125 - - 429,125 476,969 Special revenue fund - 535,858 641,653 1,177,511 947,720 429,125 535,858 641,653 1,606,636 1,424,689 $ 875,566 $ 564,304 $ 641,653 Amounts reported for governmental activities in the Statement of Net Assets are different because: Capital assets used in governmental activities are not financial resources and therefore are not reported in the funds, net of accumulated depreciation of $4,049,346 Deferred tax revenue represents amounts that were not available to fund current expenditures and therefore are not reported in the funds Long-term liabilities are not due and payable in the current period and therefore are not reported in the funds: Remodel loan to sewer fund Capital lease Accrued compensated absences Net assets of governmental funds 7 See accompanying notes to financial statements 2,845,786 2,824,274 88,763 82,716 (405,717) (461,949) (173,998) (198,095) (228,930) (196,300) $ 3,732,540 $ 3,475,335 DEATON & COMPANY, CHARTERED CITY OF CHUBBUCK, IDAHO STATEMENTS OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTALFUNDS YEAR ENDED SEPTEMBER 30, 2006 WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 2005 REVENUES General property taxes and sales tax Franchise fees Intergovernmental Parks revenue Licenses, permits and fines Grants Fire protection and prevention Leases and rents Interest income Donations Other revenues EXPENDITURES General government Law enforcement Fire control Building inspection Street Parks and recreation Health and welfare Development fund Street guarantee fund General LID fund Court fund Parks Fund EXCESS OF REVENUES OVER (UNDER) EXPENDITURES OTHER FINANCING SOURCES Proceeds from sale of assets Transfers in (out) NET CHANGE IN FUND BALANCES BEGINNING FUND BALANCE ENDING FUND BALANCE Other General Development Governmental Fund Fund Funds 2006 2005 $3,197,644 $ 1,242,751 $ 6,500 $ 4,446,895 $4,019,868 173,551 - - 173,551 154,208 605,362 - - 605,362 595,217 45,490 - - 45,490 46,163 332,807 - - 332,807 387,055 255,864 - - 255,864 124,009 138,651 - - 138,651 269,946 28,179 - - 28,179 22,828 13,016 21,455 22,965 57,436 40,592 - - 98,028 98,028 120,850 8,527 35,657 59,897 104,081 109,288 4,799,091 1,299,863 187,390 6,286,344 5,890,024 128,779 - - 128,779 149,750 2,114,640 - - 2,114,640 1,944,476 1,028,598 - - 1,028,598 867,771 138,923 - - 138,923 149,327 777,590 - - 777,590 703,519 651,434 - - 651,434 513,082 11,585 - - 11,585 23,098 - 1,165,895 - 1,165,895 1,539,655 - - 72,434 72,434 2,700 - - - 188 - - 2,610 2,610 50,768 - - 22,000 22,000 67,260 4,851,549 1,165,895 97,044 6,114,488 6,011,594 (52,458) 133,968 90,346 171,856 (121,570) 10,090 - - 10,090 - (2,555) 2,555 - - - 7,535 2,555 - 10,090 - (44,923) 136,523 90,346 181,946 (121,570) 474,048 399,335 551,307 1,424,690 1,546,259 $ 429,125 $ 535,858 $ 641,653 $ 1,606,636 $ 1,424,689 (Continued) 8 See accompanying notes to financial statements DEATON & COMPANY, CHARTERED CITY OF CHUBBUCK, IDAHO STATEMENTS OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS YEAR ENDED SEPTEMBER 30, 2006 WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 2005 2006 2005 Reconciliation of the change in fund balances - total governmental funds to the change in net assets of governmental activities: Net change in fund balances - total governmental funds $ 181,946 $ (121,570) Amounts reported for governmental activities in the Statement of Activities are different because: Governmental funds report capital outlays as expenditures while governmental activities report depreciation expense to allocate those expenditures over the life of the assets: Capital asset purchases capitalized 266,037 186,019 Depreciation expense (242,150) (246,788) The net affect of sales transactions involving capital assets (2,375) - Deferred revenues are not recorded as current period receipts 6,047 (3,511) Repayment of debt principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the Statement of Net Assets: Capital lease obligation principal payments 80,330 71,122 Some expenses reported in the Statement of Activities do not require the use of current financial resources and therefore are not reported as expenditures in governmental fund: Accrued compensated absences (32,630) (23,049) Change in net assets $ 257,205 $ (137,777) See accompanying notes to financial statements DEATON & COMPANY, CHARTERED CITY OF CHUBBUCK, IDAHO STATEMENTS OF NET ASSETS PROPRIETARY FUNDS SEPTEMBER 30, 2006 WITH COMPARATIVE TOTALS AT SEPTEMBER 30, 2005 ASSETS Current assets Cash and cash equivalents Investments Accounts receivable Noncurrent assets Restricted assets Bond reserves Water deposits Note receivable - General fund Capital assets Accumulated depreciation LIABILITIES Current Liabilities Accounts payable Accrued compensated absences Current portion of bonds payable Accrued bond interest Current portion of long-term debt Payable from restricted assets - Water deposits Noncurrent Liabilities Bonds payable Construction line of credit Compensated absences NET ASSETS Invested in capital assets, net of related debt Restricted for bond service Unrestricted 2006 $ 685,891 $ 281,446 - 475,231 683,553 495,239 1,369,444 932,323 140,346 405,717 7,834,293 (3,722,958) 5,589,721 $ 6,959,165 $ 154,010 11,970 170,000 28,754 13,260 140,346 518,340 755,000 340,899 107,732 1,203,631 $ 1,721,971 $ 2,832,176 932,323 1,472,695 $ 5,237,194 10 See accompanying notes to financial statements 874,365 130,973 461,949 7,777,572 (3,518,935) 5,725,924 $ 6,977,840 $ 104,262 10,144 160,000 33,674 49,589 4 � n n- 925,000 354,159 ! 4 � $ 1,859,090 $ 3,124,048 874,365 1,120,337 $ 5,118,750 DEATON & COMPANY, CHARTERED CITY OF CHUSBUCK, IDAHO STATEMENTS OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS PROPRIETARY FUNDS YEAR ENDED SEPTEMBER 30, 2006 WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 2005 2006 2005 OPERATING REVENUES Service revenue $ 2,957,168 $ 2,252,244 Revenue used as security for revenue bond: Charges for services 925,000 1,085,000 3,882,168 3,337,244 OPERATING EXPENSES Salaries and wages 907,993 843,986 Personnel benefits 418,991 408,164 Repairs and maintenance 544,205 410,288 Supplies 163,887 286,434 Travel, meetings, and training 12,133 11,925 Fuels and lubricants 34,773 45,003 Telephone and communications 12,492 11,550 Utilities 96,962 102,338 Treatment - Pocatello 660,854 569,099 Sanitation contract 573,538 562,424 Insurance 83,025 58,979 Other purchased services 37,653 84,512 Facilities plan 16,088 6,621 Depreciation 204,023 189,393 3,765,617 3,590,716 OPERATING INCOME 116,551 (253,472) NONOPERATING REVENUE (EXPENSE) Interest income 74,276 43,153 Interest expense (72,383) (70,648) 1,893 (27,495) NET INCOME (LOSS) 118,444 (280,967) BEGINNING NET ASSETS 5,118,750 5,399,717 ENDING NET ASSETS $ 5,237,194 $ 5,118,750 11 See accompanying notes to financial statements DEATON & COMPANY, CHARTERED CITY OF CHUBBUCK, IDAHO STATEMENTS OF CASH FLOWS - PROPRIETARY FUNDS YEAR ENDED SEPTEMBER 30, 2006 WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 2005 CASH FLOWS FROM OPERATING ACTIVITIES 2006 2005 Cash received from revenues $ 3,693,854 $ 3,315,528 Cash paid to suppliers and employees (3,493,579) (3,350,126) Change in water deposits 9,375 11,906 Interest income 74,276 43,153 Interest expense (77,303) (75,148) Net cash provided by (used in) operating activities 206,623 (54,687) CASH FLOW FROM NONCAPITAL FINANCING ACTIVITIES (188,314) (21,716) Change in restricted cash (67,331) (14,145) Net cash used in Noncapital financing activities (67,331) (14,145) CASH FLOW FROM CAPITAL AND RELATED 18,267 10,585 FINANCING ACTIVITIES (4,920) (4,500) Capital expenditures (56,721) (405,027) Net cash used in capital and related financing activities (56,721) (405,027) CASH FLOW FROM INVESTING ACTIVITIES Cash from reclassification of investments 475,231 138,243 Amount received on note 56,232 403,748 Note payments (49,589) - Bond principal payments (160,000) (150,000) Net cash provided by financing activities 321,874 391,991 NET DECREASE IN CASH AND CASH EQUIVALENTS 404,445 (81,868) BEGINNING CASH AND CASH EQUIVALENTS 281,446 363,314 ENDING CASH AND CASH EQUIVALENTS $ 685,891 $ 281,446 RECONCILIATIONS OF NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES NET 2006 2005 NET INCOME $ 118,444 $ (280,967) ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES Depreciation 204,023 189,393 (Increase) decrease in assets Accounts receivable (188,314) (21,716) Increase (decrease) in liabilities Accounts payable 49,748 40,612 Accrued compensated absences 18,267 10,585 Accrued bond interest (4,920) (4,500) Water deposits payable 9,375 11,906 Total adjustments 88,179 226,280- 26 280 NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ 206,623 $ (54,687) 12 See accompanying notes to financial statements DEATON & COMPANY, CHARTERED CITY OF CHUBBUCK, IDAHO NOTES TO FINANCIAL STATEMENTS (PAGE 1 OF 10) NOTE 1 - Summary of Significant Accounting Policies The City's financial statements comply with generally accepted accounting principles (GAAP). GAAP includes all relevant Governmental Accounting Standards Board (GASB) pronouncements. In the government -wide financial statements and the fund financial statements for the proprietary funds, Financial Accounting Standards Board (FASB) pronouncements and Accounting Principles Board (APB) opinions issued on or before November 30, 1989, have been applied unless those pronouncements conflict with or contradict GASB pronouncements, in which case, GASB prevails. For enterprise funds, GASB Statement Nos. 20 and 34 provide the City the option of electing to apply FASB pronouncements issued after November 30, 1989. The City has elected not to apply those pronouncements. The accounting and reporting framework and the more significant accounting policies are discussed in subsequent subsections of this Note. A. Reporting Entity The City's financial reporting entity comprises the following: Primary Government In determining the financial reporting entity, the City complies with the provisions of GASB Statement No. 14, "The Financial Reporting Entity". Currently, the City has no potential component units. B. Basis of Presentation Government -wide Statements The Statement of Net Assets and Statement of Activities display information about the reporting government as a whole. They include all funds of the reporting entity except for fiduciary funds. The statements distinguish between governmental and business -type activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other non-exchange revenues. Business -type activities are financed in whole or in part by fees charged to external parties for goods or services. Fund Financial Statements Fund financial statements of the reporting entity are organized into funds, each of which is considered to be separate accounting entities. Each fund is accounted for by providing a separate set of self -balancing accounts that constitute its assets, liabilities, fund equity, revenues, and expend iturelexpenses. Funds are organized into three major categories: Governmental, proprietary, and fiduciary. An emphasis is placed on major funds within the governmental and proprietary categories. A fund is considered major if it is the primary operating fund of the City or meets the following criteria: Total assets, liabilities, revenues or expenditures/expenses of that individual governmental or enterprise fund are at least 10 percent of the corresponding total for all funds of that category or type. Total assets, liabilities, revenues, or expend itures/expenses of the individual governmental fund or enterprise fund are at least 5 percent of the corresponding total for all governmental and enterprise funds combined. 13 DEATON & COMPANY, CHARTERED CITY OF CHUBBUCK, IDAHO NOTES TO FINANCIAL STATEMENTS (PAGE 2 OF 10) NOTE 1 - Summary of Significant Accounting Policies (Continued) B. Basis of Presentation (Continued) Governmental Funds General Fund The General Fund is the general operating fund of the City and is always classified as a major fund. All financial resources, except those required to be accounted for in another fund, are accounted for in the General Fund. Special Revenue Funds Special Revenue Funds are used to account for the proceeds of specific revenue sources that are legally restricted to expenditures for specific purposes. Proprietary Funds Enterprise Funds Enterprise funds are used to account for business4ihe activities provided to the general public. These activities are financed primarily by user charges and the measurement of financial activity focuses on net income measurement similar to the private sector. The reporting entity includes the water, sewer and sanitation funds. C. Measurement Focus and Basis of Accounting Measurement focus is a term used to describe "which" transactions are recorded within the various financial statements. Basis of accounting refers to "when" transactions are recorded regardless of the measurement focus applied. Measurement Focus On the government -wide Statement of Net Assets and the Statement of Activities, both governmental and business -like activities are presented using the economic resources measurement focus as defined in item b. below. In the fund financial statements, the "current financial resources" measurement focus or the "economic resources" measurement focus is used as appropriate: a. All governmental funds utilize a "current financial resources" measurement focus. Only current financial assets and liabilities are generally included on their balance sheets. Their operating statements present sources and uses of available spendable financial resources during a given period. These funds use fund balance as their measure of available spendable financial resources at the end of the period. b. The proprietary fund utilizes an "economic resources" measurement focus. The accounting objectives of this measurement focus are the determination of operating income, changes in net assets (or cost recovery), financial position, and cash flows. All assets and liabilities (whether current or noncurrent) associated with their activities are reported. Proprietary fund equity is classified as net assets. 14 DEATON & COMPANY, CHARTERED CITY OF CHUBBUCK, IDAHO NOTES TO FINANCIAL STATEMENTS (PAGE 3 OF 10) MOTE 1 - Summary of Significant Accounting Policies (Continued) C. Measurement Focus and Basis of Accounting (Continued) Basis of Accounting In the government -wide Statement of Net Assets and Statement of Activities, both governmental and business -like activities are presented using the accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized when earned and expenses are recorded when the liability is incurred or economic asset used, Revenues, expenses, gains, losses, assets, and liabilities resulting form exchange and exchange -lime transactions are recognized when the exchange takes place. In the fund financial statements, governmental funds are presented on the modified accrual basis of accounting. Under this modified accrual basis of accounting, revenues are recognized when "measurable and available." Measurable means knowing or being able to reasonably estimate the amount. Available means collectible within the current period or within sixty days after year end. Expenditures (including capital outlay) are recorded when the related fund liability is incurred, except for general obligation bond principal and interest which are reported when due. All proprietary funds utilize the accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized when earned and expenses are recorded when the liability is incurred or economic asset used. D. Budgets and Encumbrances Budgets are adopted on a basis consistent with generally accepted accounting principles. Annual appropriated budgets are adopted for the general and special revenue funds. All annual appropriations lapse at fiscal year end. Each month the City prepares a financial report that reflects the actual and budgeted financial data. A strict purchase order system is used in controlling and maintaining expenditures within budget categories. This data is reviewed by the City Council. The City does not use the encumbrance method of accounting. The General Fund incurred expenditures in excess of appropriations of the following amounts for the year ended: Fire control $ 3,623 Building inspection $ 2,947 Street $ 65,296 Parks and recreation $ 80 ,548 Street guarantee fund $ 56,934 The excess expenditures were provided by available fund balance in the fund. E. Cash and Investments For the purpose of the Statement of Net Assets, "cash" includes all demand, savings accounts, and certificates of deposits of the City. For the purpose of the proprietary fund Statement of Cash Flows, "cash and cash equivalents" include all demand and savings accounts, and certificates of deposit or short-term investments with an original maturity of three months or less. Ilk, DEATON & COMPANY, CHARTERED CITY OF CHUBBUCK, IDAHO NOTES TO FINANCIAL. STATEMENTS (PAGE 4 OF 10) NOTE 1 - Summary of Siqnificant Accounting Policies (Continued) E. Cash and Investments (Continued) Investments are carried at fair value except for short-term U.S. Treasury obligations with a remaining maturity at the time of purchase of one year or less. Fair value is based on quoted market price. F. Property, Plant, and Equipment Those investments are reported at amortized cost. The accounting treatment for property, plant and equipment depends on whether the assets are used in governmental fund operations or proprietary fund operations and whether they are reported in the government -wide or fund financial statements. Government -wide Statements In the government -wide financial statements, fixed assets are accounted for as capital assets. All fixed assets are valued at historical cost, or estimated historical cost if actual is unavailable, except for donated fixed assets which are recorded at their estimated fair value at the date of donation. Estimated historical cost was used to value the majority of the assets acquired prior to September 30, 2003. Governmental fund infrastructure assets were not capitalized prior to October 1, 2003. Depreciation of all exhaustible fixed assets is recorded as Activities, with accumulated depreciation reflected in the provided over the assets' estimated useful lives using the range of estimated useful lives by type of asset is as follows: Buildings Other structures Vehicles Equipment Fund Financial Statements an allocated expense in the Statement of Statement of Net Assets. Depreciation is straight-line method of depreciation. The 20-50 years 5-40 years 5-30 years 2-40 years In the fund financial statements, fixed assets used in governmental fund operations are accounted for as capital outlay expenditures of the governmental fund upon acquisition. Fixed assets used in proprietary fund operations are accounted for the same as in the government -wide statements. Restricted Assets Restricted assets include cash and investments of the general fund that are legally restricted as to their use. The primary restricted assets are related to employee benefits. Restricted assets include cash and investments of the proprietary fund that are legally restricted as to their use. The primary restricted assets are related to utility deposits. G. Long-term Debt The accounting treatment of long-term debt depends on whether the assets are used in governmental fund operations or proprietary fund operations and whether they are reported in the government -wide or fund financial statements. Ire DEATON & COMPANY, CHARTERED CITY OF CHUBBUCK, IDAHO NOTES TO FINANCIAL STATEMENTS (PAGE 5 OF 10) NOTE 1 - Summary of Significant Accounting Policies (Continued) G. Long-term Debt (Continued) All long-term debt to be repaid from governmental and business -type resources are reported as liabilities in the government -wide statements. The long-term debt consists primarily of notes payable, capital leases, and accrued compensated absences. Long-term debt for governmental funds is not reported as liabilities in the fund financial statements. Debt proceeds are reported as other financing sources. Payment of principle and interest are reported as expenditures. The accounting for proprietary funds is the same in the fund statements as it is in the government -wide statements. H. Compensated Absences The City's policies regarding vacation time permit employees to accumulate earned but unused vacation leave. The liability for these unpaid compensated absences is recorded as long-term debt in the government -wide statements. The current portion of this debt is estimated based on historical trends. In the fund financial statements, governmental funds report only the compensated absence liability payable from expendable available financial resources, while the proprietary funds report the liability as it is incurred. Equity Classifications Government -wide Statements Equity is classified as net assets and displayed in three components: a. Invested in capital assets, net of related debt - Consists of capital assets including restricted capital assets, net of accumulated depreciation and reduced by the outstanding balances of any bonds, mortgages notes, or other borrowings that are attributable to the acquisition, construction, or improvement of these assets. b. Restricted net assets - Consists of net assets with constraints placed on the use either by (1) external groups such as creditors, grantors, contributors, or laws or regulations of other governments; or (2) law through constitutional provisions or enabling legislation. C. Unrestricted net assets - All other net assets that do not meet the definition of "restricted" or "invested in capital assets, net of related debt." Fund Statements Governmental fund equity is classified as fund balance. Fund balance is further classified as reserved and unreserved. Unreserved can be further split between designated and undesignated. Proprietary fund equity is classified the same as in the government -wide statements. J. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires the City to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. 17 DEATON & COMPANY, CHARTERED CITY OF CHUBBUCK, IDAHO NOTES TO FINANCIAL STATEMENTS (PAGE 6 OF 10) NOTE 2 - Legal Compliance - Budgets Approximately six to seven months before the start of a new fiscal year, the City's financial officer submits to the City Council a proposed operating budget for the fiscal year commencing the following October 1. The budget is prepared by fund, function and activity, and includes information on the past year, current year estimates and requested appropriations for the next fiscal year. The City Council holds public hearings and may add to, subtract from or change appropriations, but may not change the form of the budget. Any changes in the budget must be within the revenues and reserves estimated as available to the City or the revenue estimates must be changed by an affirmative vote of a majority of the City Council. After public hearings and before the end of the fiscal year, the City Council formally adopts the budget. Expenditures may not legally exceed budgeted appropriations at the activity level. During the year, several supplementary appropriations may be necessary. NOTE 3 - Restricted Assets and Payable from Restricted Assets Assets have been set aside for special items and are restricted for that purpose. To date cash has been restricted for the following items: Governmental Health insurance deposit $ 261,073 The Health Insurance Deposit account is restricted for payments of insurance premiums and claims. Proprietary Bond reserves Water deposits Total $ 932,323 140,346 $ 1,072,669 Bond reserves are amounts the City is legally required to reserve for the repayment of outstanding bonds. Water deposits are collected from individuals who have a history of collection problems. Money on deposit may be used to pay past due balances or is returned when the payer's payment history improves. NOTE 4 - Property Tax Bannock County has the responsibility of assessing and collecting all property taxes. Taxes levied for the year are payable in two installments due December 20th of the current year and June 20th of the following year. The County remits property taxes collected to the City monthly. Property taxes are recognized as revenue when received for monthly reporting purposes. At year end, an accrual is made to recognize property taxes receivable at year end. At year end, $210,636 in outstanding property taxes were expected to be collected and remitted by the County. 18 DEATON & COMPANY, CHARTERED CITY OF CHUBBUCK, IDAHO NOTES TO FINANCIAL STATEMENTS (PAGE 7 OF 10) NOTE 5 - Cash and Cash Equivalents and Investments Deposits at year end consist of the following: Deposits Cash in bank Restricted $ 426,047 Unrestricted 1,876,353 $ 2,302,400 Investments State of Idaho Investment Pool Fair Value Restricted $ 907,695 Unrestricted 224,956 $ 1,132,659 Bank Deposits - Custodial Credit Risk for deposits is the risk that, in the event of bank failure, the government's deposits may not be returned to it. At year end the carrying amount of the City's deposits (cash and certificates of deposit) was $2,302,400 and the bank balance was $2,503,970. The deposits were covered by federal depository insurance of $100,000 per bank. The City uses various commercial banks to limit their exposure to custodial credit risk, however, the City's deposits in the bank at September 30, 2006 exceeded the federal depository insurance in the amount of $2,199,432. Investments - The elected State Treasurer, following Idaho Code, is authorized to sponsor an investment pool (Pool) that the City voluntarily participates in. The Pool is not registered with the Securities and Exchange Commission or any other regulatory body. Oversight of the investment pool is performed by the State Treasurer. Idaho Code defines allowable investments. The fair value of the City's position in the Pool is the same as the value of the Pool. The value of the Pool is not identified with specific investments and is not subject to custodial credit risk. The City's other deposits are stated at fair value which is the amount an investment could be exchanged between willing parties. Interest Rate Risk is the risk that changes in interest rates will adversely affect the value of a deposit. The City manages its exposure to declines in fair value by limiting the average maturity of its deposits to one year or less, or redeemable on demand with no penalty. Credit Risk is the risk that an issuer or a counterparty to a deposit will not fulfill its obligations. The City seeks to minimize credit risk through diversification of deposits within the choices allowed under state statutes. Concentration of Credit Risk is the risk of loss attributed to the magnitude of an investment in a single issuer. Exclusive of the State of Idaho Investment Pool, the City's deposits in any one issuer does not represent a concentration of total credit risk. The funds in the State of Idaho Investment Pool are in a variety of investments which are required to have an A quality credit rating or better. NOTE 6 - Concentration of Credit Risk The City is subject to credit risk on deposits with banks that exceed the FDIC maximum insured balance amount. Additionally, the City grants credit to customers in the City for utility service. This extension of credit potentially subjects the City to credit risk. 19 DEATON & COMPANY, CHARTERED CITY OF CHUBBUCK, IDAHO NOTES TO FINANCIAL STATEMENTS (PAGE 8 OF 10) NOTE 7 - Changes in Fixed Assets A summary of general fixed assets at year end is as follows: A summary of proprietary type fixed assets at year end is as follows Land Office Equipment Buildings and Improvements Vehicles and Equipment Accumulated Depreciation Beginning Balance Additions Deletions $ 263,112 $ Beginning 162,405 - Ending 6,573 Balance Additions Deletions Balance Land $ 62,404 $ - $ - $ 62,404 Office Equipment 215,212 - - 215,212 Buildings and Improvements 2,595,165 47,120 - 2,642,285 Vehicles and Equipment 3,819,314 218,917 (63,000) 3,975,231 6,692,095 266,037 (63,000) 6,895,132 Accumulated Depreciation 3,867,821 242,150 (60,625) 4,049,346 $ 2,824,274 $ 23,887 $ (2,375) $ 2,845,786 A summary of proprietary type fixed assets at year end is as follows Land Office Equipment Buildings and Improvements Vehicles and Equipment Accumulated Depreciation Beginning Balance Additions Deletions $ 263,112 $ - 162,405 - 6, 564,119 6,573 787,936 51,148 7,777,572 56,721 3,518,935 204,023 $ 4,258,637 $ (147,302) NOTE 8 - Long-term Debt and Accrued Compensation Accrued Compensated Absences: Current portion Noncurrent portion Long-term Debt Ending Balance $ 263,112 162,405 6,569,692 839.084 - 3,722,958 $ - $ 4,111,335 Governmental Business -type $ 25,436 $ 11,970 228,930 107,732 $ 254,366 $ 119,702 The City's long-term debt is segregated between the amounts to be repaid from governmental activities and amounts to be repaid from business -type activities. Governmental Activities: As of year end, the governmental long-term debt of the City consisted of the following: 20 DEATON & COMPANY, CHARTERED CITY OF CHUBBUCK, IDAHO NOTES TO FINANCIAL STATEMENTS (PAGE 9 OF 10) NOTE 8 - Long-term Debt and Accrued Compensation (Continued) Capital Lease Obligation: Fire Engine capital lease; issue amount $194,190; dated March 7, 2001; interest rate of 5.75% with final maturity dated March 8, 2007. $ 37,120 Telephone System capital lease; issue amount $30,986; dated May 30, 2003; interest rate of 4.25% with final maturity dated September 30, 2007. 12,818 Backhoe capital lease; issue amount of $97,740; dated November 12, 2003; interest rate of 3.6% with final maturity dated November 12, 2008. 63,209 Police Video System capital lease; issue amount of $60,851; dated September 25, 2006; interest rate of 5.7% with final maturity dated February 15, 2009. 60,851 173,998 Less current portion 75,071 Noncurrent portion $ 98,92 Note Payable The General fund entered into a note payable with the utility fund dated July 15, 2005 with 0% interest and $46,195 paid annually, over a 10 -year period. Current portion Noncurrent portion Business -type activities: $ 46,195 359,522 $ 405,717 At yearend, the City refinanced the construction line of credit with an interest rate of 3.25% and semi- annual payments for 20 years. Current portion Noncurrent portion $ 13,260 340,899 $ 354,159 The City issued two utility bonds. On October 1, 1972 the City issued its Sewer Revenue Bonds, at 5.425% and mature on October 1, 2013. The Water Fund Certificate was issued in May of 1995 with interest rates up to 7.25% and a maturity date of April 1, 2010. Bonds Payable: Sewer Revenue Bond $ 375,000 Water Fund Certificates 550,000 925,000 Less current portion 170,000 Noncurrent portion $ 755,000 21 DEATON & COMPANY, CHARTERED CITY OF CHUBBUCK, IDAHO NOTES TO FINANCIAL STATEMENTS (PAGE 10 OF 10) NOTE 8 - Long-term Debt and Accrued Compensation (Continued) Annual Debt Service Requirements Year Ending September 30 2007 2008 2009 2010 2011 2012-2016 2017-2021 2022-2026 NOTE 9 - Pension Disclosures Governmental Activities _ Principal Interest $ 121,266 $ 6,362 83,862 4,482 107,455 2,660 46,195 46,195 174,742 Business -type Activities Principal Interest $ 183,260 $ 67,561- 193,694 56,552 204,143 44,680 219,607 32,107 70,085 18 728 208,171 47,795 - 97,719 25,598 - - 102,480 8,505 $ 579,715 $ 13,504 –T-1,279,159 $ 301,526 The Public Employee Retirement System of Idaho (PERSI), a cost sharing multi-employer public retirement system, was created by the Idaho State Legislature. It is a defined benefit plan requiring that both the member and the employer to contribute. The plan provides benefits based on members' years of service, age, and compensation. In addition, benefits are provided for disability, death, and survivors of eligible members or beneficiaries. The authority to establish and amend benefit provisions is established in Idaho Code. Designed as a mandatory system for eligible state and school district employees, the legislation provided for other political subdivisions to participate by contractual agreement with PERSI. Financial reports for the plan are available from PERSI upon request. After 5 years of credited service, members become fully vested in retirement benefits earned to date. Members are eligible for retirement benefits upon attainment of the ages specified for their employment classification. For each month of credited service, the annual service retirement allowance is 2.0% (2.3% policelfirefighter) of the average monthly salary for the highest consecutive 42 months. The contribution requirements of the City of Chubbuck and its employees are established and may be amended by the PERSI Board of Trustees. For the year ended September 30, 2006 the required contribution rate as a percentage of covered payroll for members was 6.23% for general members and 7.65% for police/firefighters. The employer rate as a percentage of covered payroll was 10.39% for general members and 10.73% for police/firefighter members. The City of Chubbuck contributions required and paid were $302,324, $484,641, and $215,956, for the three years ended September 30, 2006, 2005, and 2004 respectively. NOTE 10 - Risk Management The City is exposed to various risks of loss. The City has obtained commercial insurance to reduce the risk of substantial losses. DEATON $ COMPANY, CHARTERED REQUIRED SUPPLEMENTARY INFORMATION DFATON & COMPANY, CHARTERED CITY OF CHUBBUCK, IDAHO BUDGETARY COMPARISON SCHEDULE GENERALRUND YEAR ENDED SEPTEMBER 30, 2006 Beginning budgetary fund balance Resources General property taxes and sales tax Franchise fees Intergovernmental Parks revenue Licenses, permits and fines Grants Fire protection and prevention Leases and rents Interest income Other resources Amounts available for appropriations Charges to appropriations General government Law enforcement Fire control Building inspection Street Parks and recreation Health and welfare Total charges to appropriations Other Financing Sources Proceeds from sale of assets Transfers in (out) Ending budgetary fund balance Budgeted Amounts Original Final $ 70,000 $ 70,000 3,128,731 163,822 598,771 49,100 253,000 95,131 55,869 22,500 5,000 1.,i nnn 4,J64,924 133,421 2,162,419 724,975 135,976 709,747 570,886 17,500 4,454,924 24 3,128, 731 163,822 601,318 49,100 253,000 395,131 55,869 22,500 5,000 13,000 4.687.471 133,421 2,162,419 1,024,975 135,976 712,294 570,886 17,500 4,757,471 See accompanying notes to financial statements Actual Amounts 0 414,U40 3,197,644 173,551 605,362 45,490 332,807 255,864 138,651 28,179 13,016 € ,927 4, luu'uul 128,779 2,114, 640 1,028,598 138,923 777,590 651,434 11,585 4,851,549 10,090 (2,555) 7,535 Variance Positive (Negative) $ 404,048 68,913 9,729 4,044 (3,610) 79,807 (139,267) 82,782 5,679 8,016 (4,473) 111,620 4,642 47,779 (3,623) (2,947) (65,296) (80,548) 5,915 (94,078) 10,090 (2,555) 7,535 $ 429,125 $ 429,125 DEATON & COMPANY, CHARTERED CITY OF CHUBBUCK, IDAHO BUDGETARY COMPARISON SCHEDULE DEVELOPMENT FUND YEAR ENDED SEPTEMBER 30, 2006 Beginning budgetary fund balance Resources General property taxes and sales tax Interest income Grants Amounts available for appropriations Charges to appropriations Development fund Other Financing Sources Transfers in (out) Ending budgetary fund balance Budgeted Amounts Original Final Variance Actual Positive Amounts (Negative) $ 399,335 $ 399,335 1,180,000 1,180,000 1,242,751 62,751 - - 21,455 21,455 - - 35,657 35,657 1,180,000 1,180,000 1,299,863 119,863 1,180,000 1,180,000 1,165,895 14,105 T 2,555 2,555 W See accompanying notes to financial statements $ 535,858 $ 535,858 DEATON & COMPANY, CHARTERED CITY OF CHUBBUCK, IDAHO NOTES TO REQUIRED SUPPLEMENTARY INFORMATION SEPTEMBER 30, 2006 NOTE 1 - EXPENDITURES IN EXCESS OF BUDGET Fire Control The City did not budget a sufficient amount for fire control expenditures. Building and remodeling expenditures were not accounted for in the budget. Buildinq Inspections The City did not budget sufficient amounts for salaries, supplies, training and maintenance expenditures within the building inspection's operating expenditures. Street The City did not budget a sufficient amount for salaries, supplies, training, maintenance and other expenditure within the street expenditures. Parks and Recreation The City did not budget a sufficient amount for playgroud equipment expenditures within the park and recreation's budgeted expenditures. Street Guarantee The City did not budget a sufficient amount for reimbursement expenditures within the street guarantee's budget. Revenue in Excess of Budge Expenditures in excess of budget were paid for by non -budgeted revenues and decreased expenditures in other functional expenditures. 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C) F- ❑ LU LY w z 130 LLL co N CITY OF CHUBBUCK, IDAHO BUDGETARY COMPARISON SCHEDULE NONMAJOR GOVERNMENTAL FUNDS YEAR ENDED SEPTEMBER 30, 2006 Beginning budgetary fund balance Resources General property taxes and sales tax Interest income Donations Other resources Amounts available for appropriations Charges to appropriations Street guarantee fund General LID fund Juvenile referral fund Court fund Road projects fund Parks fund Total charges to appropriations Ending budgetary fund balance Budgeted Amounts Original Final 15,000 8,200 50,000 An nnn 15,500 3,000 500 41,000 1,200 52,000 113,200 15,000 8,200 50,000 40,000 113,200 15,500 3,000 500 41,000 1,200 52,000 113,200 29 See accompanying notes to financial statements Actual Amounts $ 551,307 6,500 22,965 98,028 59,897 187,390 72,434 2,610 22,000 97,044 $ 641,653 Variance Positive (Negative) $ 551,307 (8,500) 14,765 48,028 19,897 74,190 (56,934) 3,000 500 38,390 1,200 30,000 1F 1AR $ 641,653 DEATON & COMPANY, CHARTERED